Tamil Nadu govt clears projects worth Rs 2,500 cr, to create 4,000 jobs

Philips Carbon, a carbon black major and Ather Energy, a electric vehicle maker, will invest Rs 600 crore each in different projects, while an auto component maker is planning to invest Rs 900 crore.
Tamil Nadu government on Tuesday cleared projects worth Rs 2,500 crore.  These projects are expected to create nearly 4,000 jobs.

 
According to sources, the proposed projects include Rs 500 crore from ITC for its proposed expansion in Coimbatore.

 
Philips Carbon, a carbon black major and Ather Energy, a electric vehicle maker, will invest Rs 600 crore each in different projects, while an auto component maker is planning to invest Rs 900 crore.

 
These projects were cleared at the cabinet meeting, which was chaired by Tamil Nadu Chief Minister Edappadi K Palaniswami on Tuesday.

 
Palaniswami has written to top automobile companies, electronics majors and those engaged in aerospace in the recent past about the opportunities available in the state in the wake of the impact caused by Covid-19 on the world economy as companies were likely to exit certain countries and relocate their manufacturing activities in India.

 
Tamil Nadu has constituted a Special Investment Task Force to attract investments under the leadership of Chief Secretary K Shanmugham.

 
In March, the government signed a memorandum of understanding with 17 companies which committed investments of Rs 15,128 crore in the state.

 
The initiatives by the government to attract overseas investors also include setting up of country specific investment facilitation desks by the guidance bureau and conducting diplomatic outreach programmes.


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel